Wind turbine composites have immensely influenced the global wind turbines market owing to the fact that the utilization of lightweight composite materials reduces the weight of wind turbines and enhances the overall efficiency of these turbines. Composite materials also provide high stability and reliability and thus form an integral part in the manufacturing of wind turbine machinery.
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Demand for Glass Fiber to Surpass Demand for Carbon Fiber
The most utilized wind turbine composite materials are glass fiber and carbon fiber. Amongst these, the demand for glass fiber is higher as compared to that of carbon fiber. Glass fiber presents better performance as compared to traditionally utilized materials such as aluminum and steel owing to its beneficial properties such as corrosion resistance, lower maintenance requirements, and a high strength-to-weight ratio. Manufacturers are also studying new composite materials for wind turbines for the generation of more cost-efficient wind energy.
Growing Demand for Wind Energy to Boost Wind Turbine Composite Materials Market
The growing demand for wind energy has fuelled the overall market for wind turbine composite materials. The growing number of initiatives taken by governments globally and the rising environmental regulations will raise the utilization of wind energy, thus stimulating the growth of the wind turbine composite materials market. On the other hand, the soaring costs of composite materials may restrain the development of the market in forthcoming years. Furthermore, the skyrocketing cost of carbon fiber is also negatively impacting the development of the market for wind turbine composite materials.
Rotor Blades Emerge as Top Application Segment in 2016
Wind turbine composite materials are employed to make towers, rotor blades, nacelle, and hubs. Of these, currently, the segment of rotor blades is the leading application segment of the global wind turbine composite materials market. The technology employed for the manufacture of rotor blades has immensely revolutionized in the past twenty years. Rotor blades are the most expensive components within a wind turbine, since the quality of rotor blades determines the overall performance and lifespan of the turbine.
Asia Pacific to Hold Dominant Share from 2016 to 2024
On the basis of geography, the global wind turbine composite materials market is categorized into Asia Pacific, Europe, North America, and Rest of the World (RoW). Amongst these, the region of Asia Pacific currently holds a significant share in the market and is predicted to lead the market from 2016 to 2024. The reasons for the dominance of Asia Pacific include the growing awareness about alternative sources of energy, development of installed wind power in nations such as China and India, and new product introductions.
Asia Pacific will be trailed by Europe and North America in the coming years. On the other hand, the RoW wind turbine composite materials market is presently small, however, this market is predicted to rise exponentially in the coming years.
The dominant players in the market for wind turbine composite materials are Toray Industries, Cytec Industries, Teijin Limited, Gurit Holding AG, TPI Composites, and Royal Tencate NV, among others.